New Delhi:The government has come out with an estimate that valid transitional credit claims of taxpayers in July -- the first month of goods and services tax (GST) -- are just Rs12,000 crore and not Rs65,000 crore as previously claimed.

As much as Rs65,000 crore out of the about Rs95,000 crore tax collections in July had been claimed as transitional credit by taxpayers, but a close scrutiny has brought down the valid claims to Rs12,000 crore, a finance ministry official said.

New Delhi: The Reserve Bank of India (RBI) on Friday changed the rules pertaining to the calculation of the foreign investment limit in so-called masala bonds, potentially opening up space for Indian companies to sell more such securities.

Starting 3 October, masala bonds, or rupee-denominated bonds sold overseas, will not be part of the investment limit for foreign portfolio investors (FPIs) in corporate bonds and will instead be included under external commercial borrowings (ECB), the RBI notification stated.

Mumbai: Indian benchmark indices posted their biggest daily percentage decline in 10 months on Friday, as a North Korean threat to carry out a hydrogen bomb test in the Pacific Ocean rattled global markets.

The Indian government’s stimulus spending plan and jitters that it would widen the fiscal deficit also contributed to the decline, which was led by bank stocks.

Mumbai: The announcement of India’s official entry to the Oscars usually results in a blizzard of critical disagreement. But not this year.

By the time it released on Friday, most reviews had called Newton the film of the year, praising Amit Masurkar’s direction, the incisive, politically engaged writing, and the performances by Rajkummar Rao and Pankaj Tripathi.

L&T and Tata consortium have emerged as L2 and L1 bidders for the Mumbai Trans harbour (MTHL) contract. This combined with the ground breaking ceremony for the bullet train and movement on several other large opportunities suggests ordering visibility has improved. We build 6% inflow growth and that is still in range. News reports suggest that L&T is also working on several key divestitures, e.g., commercial real estate in Seawoods, Infrastructure investment trust in roads and sell down of the Electrical business. Electrical business realisation can be Rs 140-160 bn.

The refining glut is expected to worsen in the longer term, led by capacity expansion, rising distillate yields, increasing mileage per gallon, and growing use of greener fuels. However, refining margins have been strong at $8.3/bbl since July 2017 due to high unplanned shutdown, globally; we expect this to continue for a while. After a bit of a slowdown in FY17, consumption of both petrol and diesel has grown strongly at 8.3% and 4.5%, respectively in FY18YTD.

The Ministry of Civil Aviation on Friday invited proposals for recruitment of an asset valuer for disinvestment of Air India. Interested parties are required to submit their proposals by October 16. According to document uploaded by the Department of Divestment and Public Asset Management (DIPAM), the government has in-principle decided to consider the disinvestment of the Air India group as a whole or its constituents fully or part thereof through strategic sale with transfer of management control.

Insurance Regulatory and Development Authority of India (Irdai) is looking into the area of private equity firms investing in insurance companies and might take some decision in next one month. Insurance regulator has also formed a committee on introducing risk-based solvency in the insurance industry. Speaking at the ASSOCHAM Global Insurance Summit event, TS Vijayan chairman of Irdai said, “In insurance companies, we look at it in two different ways, investors and promoters, anybody can invest in the company, for promoter, we are studying (as to) what is the feasibility, if at all somebody is coming what are the conditions that need to be in place. We have put a team, we are legally examining it and we will take a decision in a month.”

The popular model from stable of Maruti Suzuki Ltd -- WagonR has crossed 2 million sales mark for the company.

This is the third model from the company after Maruti 800 and Alto to cross this figure.

Prime Minister Narendra Modi on Saturday laid foundation stone for toilet under Swachh Bharat Abhiyan in Shahanshahpur village of Uttar Pradesh's Varanasi.

Uttar Pradesh Governor Ram Naik, Chief Minister Yogi Adityanath, Minister of State for Rural Development Mahendra Singh and BJP State Unit President Mahendra Nath Pandey were also present during the function.

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